Al-Futtaim Group

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Al-Futtaim Group
Private
Industryconglomerate
Founded1930s
HeadquartersDubai, United Arab Emirates
Key people
Omar Al Futtaim (CEO), Abdulla Al Futtaim (owner)
Number of employees
over 42,000 (2017)[1]
SubsidiariesKolber Geneve
Westar
Websitewww.alfuttaim.com

The Al-Futtaim Group is a large conglomerate operating in the United Arab Emirates.

History[edit]

The group was founded in the 1930s and expanded rapidly in the 1940s and 1950s becoming an integrated commercial, industrial, and services organization.[2]

The Al-Futtaim family split its business interests in 2000 with Abdulla Al Futtaim controlling the automotive and mainly retail business, and his cousin Majid controlling a property development business (now known as Majid Al Futtaim Group).[3]

In September 2013, the group bid $86 million to take full control of the Nairobi-based car retailer CMC Holdings.[4]

Operations[edit]

Al-Futtaim Group employs over 44,000 people[5] and operates eight divisions comprising automotive, electronics, insurance, services, real estate, retail, industries, and overseas.[6] Sheik Maktoum mediated a settlement between Abdulla Al Futtaim and his rival, cousin Majid Al Futtaim, in 2000 which split the assets, liabilities and operations of the then-larger Al Futtaim Group.[7]

As of March 2012, Abdulla Al Futtaim is estimated by Forbes magazine to have a net worth of $1.6 billion, ranking him as the 804th richest person in the world, and third richest in the United Arab Emirates (UAE).[8] Prior to the Global Financial Crisis Abdulla Al Futtaim was worth nearly twice his current wealth. In 2007 Forbes ranked him as the 287th richest person in the world with a net worth of $3 billion and said his conglomerate was so large and profitable that it could account for 15% of Dubai's gross domestic product.[9] The CEO of Al-Futtaim Group was Robert Willett[10] until he suddenly resigned in January 2011. After that Omar Al-Futtaim became a Board Member, CEO & Vice Chairman [11][12]

Businesses[edit]

Al Futtaim's businesses include Kolber Geneve[13] and Westar.[14]

Al Futtaim Motors[edit]

In 1955, Al-Futtaim Motors was established and is the exclusive distributor of Toyota, Lexus, Hino trucks and Toyota Material Handling equipment in the UAE.[15]

Robinsons & Co.[edit]

In April 2008, the Al Futtaim Group bought 88% of the shares of Robinsons & Co. at S$7.20 per share.[16][17]

See also[edit]

References[edit]

  1. ^ Al Futtaim Group: Home
  2. ^ "Al Futtaim Group: Profile". Archived from the original on 2010-02-04. Retrieved 2010-01-23.
  3. ^ Arabian Business Rich List
  4. ^ Dubai's Al Futtaim offers $86 million for Kenyan car retailer, International: Reuters, 2013
  5. ^ "afuturewithus.com". www.afuturewithus.com. Retrieved 2018-05-30.
  6. ^ Hoovers
  7. ^ 2010 List - Abdulla Al Futtaim Forbes
  8. ^ Profile - Abdulla Al Futtaim Forbes
  9. ^ 2007 List - Abdulla Al Futtaim Forbes
  10. ^ Al Futtaim Group announces Robert Willett as new CEO Gulf News, 14 June 2010
  11. ^ Al-Futtaim Group Company Profiel arabianbusiness.com, 24 November 2012
  12. ^ "Omar Abdulla Al Futtaim: Executive Profile & Biography - Bloomberg". investing.businessweek.com. Retrieved 2018-05-30.
  13. ^ Staff (2013-09-22). "Al-Futtaim expands watches portfolio". Emirates 24|7. Retrieved 2018-05-30.
  14. ^ Al-Futtaim Watches scouts for distributors in EU.
  15. ^ "ABOUT AL-FUTTAIM MOTORS". AL-FUTTAIM MOTORS. Al-Futtaim Motors Company LLC. Retrieved 7 July 2015.
  16. ^ Nolan, Lynne. "Al-Futtaim acquires Robinson and Company". ArabianBusiness.com. Arabian Business Publishing Ltd. Retrieved 7 July 2015.
  17. ^ Wong, Ai Ai. "Al-Futtaim Group Takeover of Robinsons". Baker & McKenzie. Baker & McKenzie. Archived from the original on 2015-07-10. Retrieved 7 July 2015.

External links[edit]